Selbyville, Delaware, July 22, 2021 (GLOBE NEWSWIRE) --
Global Market Insights Inc. has recently added a new report on the car sharing market which estimates the market valuation for carsharing will cross US$ 6.5 billion by 2027. Increasing awareness of shared mobility among individuals is fueling the industry growth. The establishment of stringent government regulations to reduce carbon emissions is further expected to drive the market demand.
The car sharing industry was negatively impacted in 2020 owing to the spread of COVID-19. Several car-sharing service providers including Zoomcar, Gett, and others had to close their operations owing to the strict lockdown and stringent mobility restrictions, which impacted the market growth. Companies are resuming their operations and are following strict safety & sanitizing protocols to overcome the challenges during the pandemic.
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The free-floating model allows the customers to pick and drop the cars from any location across the city, thus making transportation easy. The free-floating segment will witness an upward market trend owing to the rising popularity among millennials. To provide facilities, companies are partnering with car manufacturers for built-in GPS systems. For instance, in June 2018, Zity collaborated with Renault in Madrid to provide 650 Renault ZOEs for floating car-sharing services.
The North American car sharing market is expected to showcase a significant growth rate over the forecast timeline owing to a rising number of car-sharing providers and high demand in the region. According to the Transportation Sustainability Research Center of the University of California, in 2018, around 21 operators provided various models of car-sharing services in the U.S.
Industry leaders are focusing on partnerships and collaborations to boost the car sharing market revenue. Companies are also focusing on the development of online platforms and mobile applications to market their services. For instance, in February 2019, Daimler AG partnered with BMW to provide car-sharing services under a new brand, ShareNow. The companies together invested over USD 1.1 billion in the development and marketing of their car-sharing services that primarily operate in Europe.
Some major findings in the car sharing market report include:
- Rising digitalization across the globe and the development of mobile applications for booking & selecting cars are influencing the market growth positively.
- Increasing government regulations on clean transportation are encouraging market players to adopt electric vehicles in their fleet.
- The availability of several car models including high-end & luxury cars with low rental charges, thus influencing the demand for car-sharing services.
- The growing demand for car sharing from cargo companies to move products from one end to another is driving the market demand. Companies, such as Enjoy and Toyota, offer car-sharing services to businesses for cargo services.
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Partial chapters of report table of contents (TOC):
Chapter 3. Car Sharing Market Industry Insights
3.1. Industry segmentation
3.2. Impact of COVID-19 on car sharing market
3.2.1. Global outlook
3.2.2. Regional impact
3.2.2.1. North America
3.2.2.2. Europe
3.2.2.3. Asia Pacific
3.2.2.4. Latin America
3.2.2.5. MEA
3.2.3. Industry value chain
3.2.3.1. Research & development
3.2.3.2. Marketing
3.2.3.3. Supply
3.2.4. Competitive landscape
3.2.4.1. Strategy
3.2.4.2. Distribution network
3.2.4.3. Business growth
3.2.5. COVID-19 preventive measures undertaken by car sharing service providers
3.3. Industry ecosystem analysis
3.3.1. Technology providers
3.3.2. End-Use Landscape
3.3.3. Profit margin analysis
3.3.4. Vendor matrix
3.4. Technology & innovation landscape
3.4.1. Radio Frequency (RF)
3.4.2. GPS based navigation
3.4.3. Autonomous vehicles
3.4.4. Electric vehicles
3.5. Regulatory landscape
3.5.1.1. North America
3.5.1.2. Europe
3.5.1.3. Asia Pacific
3.5.1.4. Latin America
3.5.1.5. MEA
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.1.1. Stringent emission regulations in Europe and North America
3.6.1.2. Government incentives for the adoption of car sharing in the U.S.
3.6.1.3. Technological advancements in car sharing
3.6.1.4. Reduction in vehicle ownership and travel cost
3.6.1.5. Increasing investments in car sharing by the automobile OEMs in Germany
3.6.1.6. Proliferation of car sharing services due to rising traffic congestion in China
3.6.1.7. Limited public transportation infrastructure in India
3.6.1.8. Favorable regulations in Malaysia and Singapore
3.6.2. Industry pitfalls & challenges
3.6.2.1. Inadequacy in transportation infrastructure
3.6.2.2. Increasing competition from similar transport models
3.7. Car sharing business model
3.8. Evolution of shared mobility
3.8.1. International car sales outlook
3.9. Growth potential analysis
3.10. PESTEL analysis
3.11. Porter's analysis
3.11.1. Supplier power
3.11.2. Buyer power
3.11.3. Threat of new entrants
3.11.4. Threat of substitutes
3.11.5. Internal rivalry
3.12. PESTEL analysis
3.12.1. Political
3.12.2. Economic
3.12.3. Social
3.12.4. Technological
3.12.5. Environmental
3.12.6. Legal
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.